Up until recently, the most common way to transfer real estate when people pass away is through a trust, will, or owning the property in joint tenancy with another person or persons. Effective January 1, 2016, Assembly Bill 139 creates a revocable transfer on death (TOD) which is a less expensive way California allows real property to be transferred upon a person’s death and avoid probate.
There are some specific criteria, however, that a person should be aware of when considering recording a revocable transfer on death deed.
- The real property must be a single family home or condominium unit, or a multiple residence of not more than 4 residential dwelling units, or be a single family residence on no more than 40 acres of agricultural land.
- A revocable TOD deed must be signed and dated before a notary public to be effective and valid.
- The transfer on death deed must be recorded within 60 days or less from the date it is signed.
- The transfer on death deed can be revoked by the transferor at any time.
For more details, please email me at MovewithKJ@gmail.com.
The information contained herein is believed accurate as of January 22, 2016. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.